https://www.taxtmi.com/caselaws?id=331580 The court upheld the Tribunal's decision to delete the penalty and interest levied under Sections 201(1) and 201(1A) of the Income Tax Act, citing a four-year limitation period for initiating actions under these sections. Despite conflicting High Court views, the court favored the reasoning supporting a limitation period, emphasizing fairness and preventing undue hardship to the assessee. The appeals were dismissed in favor of the assessee, aligning with the Tribunal's decision and rejecting the revenue's argument for unlimited initiation time for proceedings under the mentioned sections. en-us Tue, 09 Aug 2016 00:00:00 +0530 Tue, 31 Jan 2017 17:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331580 The court upheld the Tribunal's decision to delete the penalty and interest levied under Sections 201(1) and 201(1A) of the Income Tax Act, citing a four-year limitation period for initiating actions under these sections. Despite conflicting High Court views, the court favored the reasoning supporting a limitation period, emphasizing fairness and preventing undue hardship to the assessee. The appeals were dismissed in favor of the assessee, aligning with the Tribunal's decision and rejecting the revenue's argument for unlimited initiation time for proceedings under the mentioned sections. Case-Laws Income Tax Tue, 09 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331580